ProTek Capital, Inc. Confirms First Acquisition in Overall Acquisition Strategy Expected to Add Approximately $10 Million in Annual Revenue Remains On Track
NEW YORK, June 14, 2011 /PRNewswire/ -- ProTek Capital, Inc. (Pinksheets: PRPM) today confirmed the recently announced non-binding letter of intent (LOI) to acquire an operating company with approximately $1 million in annual revenue remains on track. The definitive acquisition agreement was expected to be completed by the end of May. The Company confirms that while the final transaction is behind schedule, that no issue is anticipated to stand in the way of the acquisition being ultimately consummated.
This acquisition is part of an overall expanded and updated business strategy. ProTek is updating its investment focus to concentrate on businesses within developing economies located within the Caribbean and Gulf of Mexico region. ProTek is expanding its investment focus beyond software companies to include any early stage business investments with high growth potential. This pending acquisition is the first in a series of acquisitions anticipated to rapidly bring approximately $10 million in annual revenue to ProTek.
About ProTek Capital, Inc.
ProTek Capital, Inc. is a corporation with offices located in the United States and United Kingdom, whose focus is to invest in or acquire software companies that are privately held or traded on the public markets. The objective of ProTek Capital, Inc. is to provide the best possible risk-return value for all of its shareholders by making direct investments or outright purchases into foreign and domestic private and public software companies. To learn more about ProTek Capital, Inc., please visit: http://www.protekcapital.com/
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements'' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
ProTek Capital, Inc.
SOURCE ProTek Capital, Inc.
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